Garuda Fund Offers Fintech Firms New Funding Opportunities


PT Bank Danamon Indonesia Tbk (BDMN) and Mitsubishi UFJ Financial Group (MUFG) Bank formed MUFG Innovation Garuda No. 1 Limited Investment Partnership or Garuda Fund, a venture capital company managing US$100 million for new startup funding. Bank Danamon chief strategy officer Reza Iskandar Sardjono said that the Garuda Fund would support various types of startups to expand Bank Danamon's collaboration ecosystem, especially those in the dynamic and competitive digital financial sector.

"With an emphasis on investing in digital financial and fintech platforms with decent scalability and digital capabilities," he said on Wednesday. Meanwhile, MUFG Bank chief executive of the global commercial banking business unit Kenichi Yamato said the collaboration between Danamon and MUFG would aim to acquire potential customers, expand network and business capabilities, and improve Indonesia's digital financial industry.

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